S&P Global Market Intelligence offers our top picks of real estate news stories published throughout the week.

The US median home price fell 3.3% in March to $400,528, its biggest year-over-year decline in a single month since 2012, as the failure of several banks and elevated mortgage rates spooked potential homebuyers, Redfin Corp. said in a report.

The residential real estate brokerage attributed the drop in home prices to the collapse of Silicon Valley Bank, which killed buyer momentum.

Pricey markets in the Bay Area in California as well as towns that boomed during the COVID-19 pandemic led the price declines in March, according to Redfin.

CHART OF THE WEEK: US equity REIT capital offerings slow in March

⮞ US equity real estate investment trusts raised $4.60 billion in March, down more than 17% month over month. All the capital raised during the month came from debt offerings.

⮞ On a year-over-year basis, the amount of capital raised was down 46.8%.

⮞ Bringing in the most capital during the month were communications REIT American Tower Corp. and regional mall owner Simon Property Group Inc., raising $1.30 billion each.

Property valuation

– As rising interest rates and instability in the banking industry impact the real estate sector, the California State Teachers' Retirement System will write down the value of its $52 billion real estate investment portfolio, the Financial Times reported.

Fund in focus

– Redcar Properties Ltd. raised $418 million in equity commitments at the final close of Redcar Fund II, Commercial Property Executive reported.

Property transactions

– The Reuben brothers paid $1 billion to purchase Michael Rosenfeld's Century Plaza development through a foreclosure, The Real Deal reported, citing court records filed with Los Angeles County. Rosenfeld still owns 197 condo units at the property, whose collateral is covered by debt still held by the Reuben brothers, according to the report.

– Exeter Property Group LLC on April 7 sold the Alessandro Commerce Center, a 596,090-square-foot warehouse at 14063 Brown St. in Riverside, Calif., to its current lessee, High Tech Logistics, for $78 million, the Commercial Observer reported.

– Taurus Investment Holdings LLC acquired a five-property industrial portfolio in Atlanta totaling 581,750 square feet from EverWest Real Estate investors for $50 million, Commercial Property Executive reported. The I-20 West property collection has an additional trailer storage site on a drop lot.

Office REITs notch biggest gain in average short interest in March

Earnings estimates forecast slight increase YOY in FFO for US REITs